A proposed new standard method to measure commercial buildings throughout the world is likely to find resistance among some building owners.
The International Property Measurement Standards Coalition plans to announce a single measurement system for the global office market in June 2014.
The effort is meant to address one of the biggest complaints of office tenants: that building owners throughout the world use different systems for measuring how many square feet or square meters tenants rent. The different methods in use today can deviate as much as 24% from one another.
For some building owners, a new measurement standard could mean that their building would shrink in size and lose value.
“There is a risk that some firms may be sitting on balance sheets that are actually worth significantly less when measured by a common standard,” Scott McMillan, chief of real estate at the International Monetary Fund, told the Wall Street Journal.
The new standard will be voluntary, so building owners are not obligated to follow it. But, tenants could pressure them by avoiding leasing with owners that fail to adopt it.
Related Stories
| Nov 16, 2012
New ANSI/BIFMA standards developed for educational seating
The American National Standards Institute (ANSI) has approved the newly developed safety and performance standard for educational seating: ANSI/BIFMA X6.1-2012—the first of its kind.
| Nov 16, 2012
Green building councils in 62 countries expect 60% of their work to be green by 2015
More than half of the respondents to a survey of members of the Green Building Council in 62 countries expect green projects to comprise 60% of their work by 2015.
| Nov 16, 2012
Voters approve fewer construction ballot measures in 2012 than in 2008
Voters passed fewer ballot measures related to construction projects this year than they did in 2008, according to an analysis by the Associated General Contractors of America.
| Nov 9, 2012
New ANSI/BIFMA standard adds point for lower formaldehyde emissions
The ANSI/BIFMA e3-2012 Furniture Sustainability Standard now includes an additional point for furniture products that meet a new, lower formaldehyde emissions limit.
| Nov 9, 2012
Higher bar on LEED may not be harder to reach
The U.S. Green Building Council expects to substantially revise LEED next year, requiring builders beginning in 2015 to take new and more-detailed steps to get buildings certified.
| Nov 9, 2012
CSI’s sustainability practice group offers webinar on EPA's WaterSense Program
The Construction Specification Institute’s sustainability practice group is offering a webinar Nov. 20 on EPA’s WaterSense Program, featuring Lynn Gilleland, drinking water specialist with EPA’s New England office.
| Nov 9, 2012
Mayor in Calif. wants to expedite permits for $1B worth of projects
The mayor of San Jose, Calif., plans to issue new construction permits worth an estimated $1 billion in the next six months to spur job creation and create revenue for the city.
| Nov 9, 2012
Jury awards N.Y. roofer $2 million for injuries after construction site fall
A roofing worker from Cortland County, N.Y., has been awarded $2 million in damages due to the injuries he sustained from a 60-foot fall at a dormitory construction site.
